39 Burst results for "Bank"
Fresh update on "bank" discussed on Bitcoin Magazine Podcast
"Right. Because it's that simple. If you can't count, you can't manage. If you can't measure, you can't manage. That's a famous adage and business management schools, right? You can only manage what you measure. And if you don't measure it, you can't manage it. So what are we really measuring in America? We're measuring sentiments. We're measuring those kinds of exactly. And I continue to get worried when you hear about that. Okay, he's acknowledging the pressures of the public. Well, I'm sure you've brought up the theory on this show several times, the dollar wrecking ball theory, which looks like the dollar milkshake theory, the idea that all of the liquidity in the world has now every other government printing money, all of their excess money, gets converted in the end into U.S. dollars. So everyone's printing is our printing. And they get angry when there's arbitrage between them. You're seeing already, I think, two weeks ago, you had the South Korean Central Bank, saying, oh, you fed reserve. It's not fair. It's really hard. We can't compete with your high interest rates. All in people are leaving our country and trying to get the better interest rates in your country. They're pulling our money out of Korea. You can't keep playing this way. It's not fair. Fairness is for fairness is something made up so that stupid for kids talk about. Yeah, it's for kids. You know what I mean? It's not real. There's no fairness. There's no fairness here. So we're going to see what kind of pressures he's under. We've already seen a brewing fight, really, between fiscal policy and monetary policy. You know, they're fighting inflation, and then you've got the politicians handing out stimmy checks for gas in California. There's a certain point. They're at cross purposes. And you're going to continue to hear schizophrenic things that make no sense to anybody. Exactly. All right, the next segment we are going to talk about PCE now we talked a lot about CPI in a passive. People understand CPI is a basket of prices and they understand what that is. PCE is just a different algorithm, but it has some similar traits like there's headline CPI and core CPI. There's also headline PCE and core PCE. So PCE just came out yesterday, actually, for it's way delayed compared to CPI. But he's going to talk to you about these constituent components a little bit and tell us what he's seeing. So Chris, next clip, please. To assess what it will take to get inflation down. It's useful to break core inflation into three component categories. Core goods inflation, housing services inflation, and inflation in core services other than housing. Core goods inflation has moved down from very high levels over the course of 2022. While housing services inflation has risen rapidly. Inflation in core services ex housing has
An inflation gauge tracked by the Fed slows to still-high 6%
"A government report shows one measure of inflation eased last month, but is still at a high level. It's called the personal consumption expenditures index and it shows consumer prices rose 6% in October from a year earlier, down from 6.3% a month earlier, but still elevated. The Federal Reserve closely monitors the index, and the number likely reinforces its intent to keep boosting interest rates as it tries to cool the economy and ease the worst inflation in decades. We need to raise interest rates to a level that is sufficiently restrictive to return inflation to 2%. But fed chair Jerome Powell told the brookings institution yesterday the Central Bank could slow the hikes when it meets in two weeks. Sagar Meghani, Washington.
Fresh update on "bank" discussed on WTOP 24 Hour News
"Barnett. And I'm Mark Lewis. Mike cicadas is our producer. The top stories we're following the Labor Department has released the November jobs report and the U.S. added more than 263,000 new jobs. That's up 2000 from the month before. Meanwhile, the report also says the unemployment rate remains SETI at 3.7% despite mass layoffs and hiring freezes across several job sectors. The report tells the Federal Reserve and has more work to do in its battle against inflation, meaning higher interest rates to come. Average hourly earnings are up 5.1% over the past year. Growth and payrolls topped expectations with the November gain of 263,000 and October's level was revised higher by 23,000 jobs to 284,000. That senior economic analyst for bank rate dot com, Mark Hamrick. President Biden's signature is all that's needed now to prevent a major rail strike. The Senate has voted overwhelmingly to approve labor legislation that also cleared the house. More from WTO's Mitchell Miller on Capitol Hill. Congress had an intervened in a rail dispute for three decades, but the Senate acted quickly on the president's call for lawmakers to take action. Senate majority leader Chuck Schumer says they couldn't afford to wait, especially with billions of dollars linked to the economy at stake. In that scenario, nobody wins. Everybody loses. Vermont senator Bernie Sanders is upset that rail workers lost out on a separate bill that was defeated, which would have provided 7 days of paid sick leave. There's no clearer example of corporate freedom what we see in the rail industry today. Rail workers will get a 24% pay hike over a period of years, and the agreement calls for them to get more flexibility to get time off for doctor's appointments. On Capitol Hill, Mitchell Miller WTO be news. For the 12 consecutive year, it's been ranked as the worst stretch of road
Sorelle Amore: A Central Digital Credit System Favors the Government
"I want to play one more cut for you This is sarella Moore explaining digital currency She's pretty popular on these video platforms Talking again about the danger of this stuff Folks it is nothing more than a mechanism to make your phone not only a homing Beacon and a location device but to make it a device to be able to shut off your money at a moment's notice So you can't escape you can't get out of a country you can't get out of a location and you can't buy anything if the government deems you unworthy deplorable or one of the Here listen to this The government is already able to program what its citizens can and can not spend their money on Over the last few years they've limited millions of people's ability to buy things like train tickets passports and luxury goods They're able to do this because of China's intense social credit system that links each person's identity and actions to their bank account Allowing the government to see and to control everything a citizen does with their money And it seems like the west is paying attention The nations like Sweden South Africa and Canada trials of programmable Central Bank currencies are already underway In fact almost half of the world's nations are at some stage of implementing this kind of programmable money meaning no matter where in the world you live this technology is likely only a few years away Ah there you go Wow that's not coming here Really Really it's not there I'm telling you there are some Republicans who support this Two No it is coming here We still got time to stop it She said something very interesting there too Did you guys catch it Did you mention train tickets And tickets and plane tickets The great way to keep dissidents air quotes from traveling out of your country if you're the Chinese Communist Party right Shut down their money so they can't buy a plane ticket out Then they can say oh is this a prison state No no it's not a they can leave any time
Fresh update on "bank" discussed on Bloomberg Surveillance
"On how this would turn out. What are the lessons learned for you personally over the last several months? Unfortunately, for the rail unions, I didn't really get involved until pretty much they were 80% through negotiations, meaning they were not able to get deals done. I got involved a little bit there than the unions came and asked the president to put the PEB on the board and they were able to negotiate stuff. And on the port negotiation, I've been in it from the beginning, meaning I've had conversations with the companies. I'm in regular contact with the companies on the West Coast. I'm in regular contact with the unions on the West Coast just to make sure that they're moving forward. And I think that the relationships are a little different than between the real, the real construction, the real companies in the real workers unions. Secondly, Welsh, I know you have to go sir because there's a bill to sign with the president of the United States at ten 15 Eastern Time. You've got to run. We always appreciate your time. Thanks for being with us this Friday morning. Labor secretary Marty Walsh following what was a tremendous jobs report. With the secretary of labor and of course, we'll have the president at ten 15 this morning as well. Jenny serrin has a story out of interest to the Bloomberg surveillance audience and it's not just for New York. I think there's a national implication, but this is serene how to love it. Catherine Doherty, JPMorgan, Bank of America, Citigroup and Paul Sweeney slash banker bonus is his talent for ends. And there's two items in here, Paul, that really get my attention. Down at the bottom, they talk about that joy and the sweating moment of December looking to February, the fear of being zeroed out a goose egg a donut or a bagel. That's right, explain what a bagel is in the pilots of your compensation in December. Yeah, that is a zero bonus. And on Wall Street and my experience of 25 years on Wall Street, the beginning in September of every year, you're discussions almost entirely amongst your fellow employees. In any way, shape or form. Because back in the day, bonuses for a lot of mid level and senior executives on Wall Street were 80 to 90% of your total compensation was your bonus. So it was all about that. That has changed a little bit, Tom. Now, it's a smaller percentage. It's more in your salary, but still it's meaningful for a lot of these folks. And so when you talk about the bonus season, you think about this year. 'cause I look at it. Yeah, exactly. And this year, you know, we've had with the tough markets. The deal making has been, you know, really impacted that a lot of the trading deaths have done well, but the deal making the IPO. There's the offerings of debt and the M and a advice, all that's kind of really dried up. And then this is the funny part, folks. This is why you have a beverage of your choice at 4 p.m. in February. And executives at those banks are discussing rewarding top rates, currencies and commodity traders where the higher packages. There are all these articles and thank you, Jenny surrender. This is brilliant, but Paul, there's every firm without question, there's yeah but. Yeah, but yeah, but and so, you know, you go into your boss and you say, hey, I had a great year and he's like, yeah, but the firm didn't. And so the bonus poll is down. And those are the tough years when an individual or a desk or a team has had a great year, but the firm didn't it's tough to find the money. But you got to keep the troops. You got to keep the top. As a given website round number, 100 people. There's ten or 12, there's no yeah, but there's like, we got to keep them. You got to keep them. Still true today. And you know, you'll see most firms bonus pools plus or minus every year are fairly consistent. It's rare that you get one of the big bulge bracket firms that's materially different than its peers one way or the other. So they kind of know what's going on out there. Everybody can see what
Bo Li Calls on the Left to Support a Central Bank Digital Currency
"Listen to boli former deputy governor of people's bank of China Talk about welfare food stamps contracts purchases and a digital bank did your Central Bank digital currency and I want you to listen very closely at the end How he throws in the social justice buzz term to make sure all you left these will buy into this Check this out The third way we think about improved energy inclusion is through what we call programmability That is CDC can allow government agencies and private sector players to program to create smart contract To allow targeted policy functions for example welfare payment For example consumption coupon for example food stamp By programming CBDC those money can be precisely targeted for one kind of people can own and one of the kind of use this money can be utilized for example for food So this potential programmability can help government agencies to precisely target their support to those people who need support So that way it can also improve financial inclusion Folks these people are not stupid
Fresh update on "bank" discussed on WBBM Newsradio
"This is Mike browser, the driver of a semi has minor injuries after a bizarre crash this morning along the Indiana toll road. This is Jim goodis investigators released the names of the 5 people, including two children, found dead in a home in Buffalo grove, but police are withholding other key details about what happened. 39° in Chicagoland, 7 31. CBS News special report, as interest rates rose and inflation soared, the job market showed strength last month, just released numbers from the Labor Department show employers added 263,000 jobs in November with gains in retail, transportation and warehousing. The unemployment rate unchanged from the month before at 3.7%, as for what's to come, bank rates, Mark Hamrick. Economists broadly believe we will see a rise in unemployment in the coming months, reflecting a further slowdown in hiring and the acceleration in job loss. Again, total non farm payroll was up by 263,000 in November that compares to 261,000 the month before October, the unemployment rate stayed the same. At 3.7%. CBS News special report, I'm Deborah Rodriguez. It's 7 32. The westbound
"bank" Discussed on What Bitcoin Did
"The incentives, who gains here, obviously any dictator who takes some money, it was able to buy a palace by cars and buy wines. Cigars have their parties. That one's pretty clear and obvious. And they will do that to the detriment of the people of their country. When you find an incentive to the World Bank and the institutions, where the incentives, because you can see the incentives for shitty decisions within corporations and companies where you have your owners, the board members, they get to benefit from the profits of these companies. But within institutions, there isn't like that direct. So is it career incentives? Is it like these people who think in a career beyond the World Bank within government? How does the incentives? Because it's fucking terrible behavior. And I want to do a couple more case studies, but let's do some of that. I have questions on that. Let's do some of the data first. I think it'd be helpful to put up this chart. Yeah, yeah. It's an old chart. A lot of, again, a lot of the best stuff about the bank and fund is old. You have to go to the library. You have to dig out books because a lot of the critical analysis has just been turned off. But this is an important chart, and I'll try to explain it so listeners can understand what we're looking at here. But the important thing is this is from a book from basically 40 50 years ago that describes how debt cycles work with World Bank loans. So the important thing for you to look at Peter is this bottom line, which is called net capital flow. And what you can see along the X axis is the years. So if you look at net capital flow, obviously when a country first takes on a loan from the World Bank as you see, it has positive net capital flow. It's getting the money that was loaned to them by the bank. So for the first ten or 15 years, they're in the money, right? The dictator has a bunch of cash. So this gives some perspective. That looks to say about what $75 million positive. Yeah, exactly. Right. So hold on a second. Just to ask. So it looks like it starts up like they've got like $25 million at the start after ten years after 75. Is that the productivity that increases? These are disbursements. This is the money. Let's say they do a $500 million loan. Over ten years. Okay. And then you have 40 years to pay it back. Usually these loans are like really long and they get delayed. So they're literally our loans that countries are still paying back from the 80s today, right? So the point is that in the first few years, the hunt the bar were country, is in the black. It's getting a flow of money from the World Bank that it's using to do stuff with. But after, you know, about, as you can see, about 8, 9 years, that flow starts to peak.
Elon Musk's Twitter Will No Longer Allow the Left Free Rein
"In terms of open and public online debate, conservatives have spent the past 6 years or so essentially underground. This is not so much a complaint as it is a statement of fact. Like working out with extra weights makes you stronger, the added difficulty has led to a number of extraordinary developments. When conservative metal was tested, we rose to the occasion and made some incredible advancements. One example would be distributed networks that can't be shut down by zealous governments or banks. We also developed new techniques for getting the conservative message across. It's widely recognized, for example, that conservatives excel in both humor and political means. At the same time, pundits and thought leaders on the right have become extremely skilled in debate. A field we traditionally fared very well in, has now become an area where conservatives absolutely dominate. So now that Twitter is in the hands of Elon Musk and he is rolling back years of leftist bigotry, conservatives are reentering the field, looking like technically accomplished veteran verbal conventions. Meanwhile, for the past few years, the exact opposite has been happening on the left. Instead of engaging in debate, they were more than happy to run conservative speakers out of town with threats of violence. They also censor and cancel anyone who they even remotely disagree with. The life grew so used to always having their way in the public space that this made them much weaker intellectually. Their shocked at the fact that they might have to actually abide by Twitter's terms of service now. They can't instigate violence. Andy, no, who's been physically attacked. Had reported threats of violence to Twitter, made by members of antifa and Twitter did nothing. But now that Elon Musk is at the helm. He's assured Andy that this will no longer be allowed. The left is so used to be able to getting away with anything. Well, we tiptoe around them. But the tables have turned. Now the left is fearful. In preparation for the midterms, many notice that Democrat candidates always ran from the debates. And when they were successfully coaxed onto stage, they fared horribly. Yet their campaigns managed their social media and put up a facade on the ground. This might be more difficult for the left to pull off in the future now.
The Left Is Floundering Now That Twitter Is a Place of Free Speech
"The savage and brute force tactics of oppression enjoyed by leftists and their aligned mega corporations and banks has had a counterintuitive effect. An effect akin to using performance enhancing drugs. They reaped short term gains, but at the expense of developing natural talent. Now that their supply has been effectively cut off, and they have to share a level playing field, they are floundering. They don't know how to behave when the game isn't fixed in their favor. This doesn't necessarily mean that Twitter is now a conservative echo chamber, or that it has become an arm of the GOP. Absolutely not. You can still find all sorts of skirmishes, as well as sub worlds within Twitter, but it does mean that conservatives finally have a chance to offer counter arguments of their own without being censored. For such a seemingly small change, it's turning out to be a really big deal. Before this, we had Twitter, Facebook, Instagram, Google, and YouTube all censoring us. Now that one of those has allowed us to speak, it puts a dent in their House of Cards. The fact that Elon Musk is now running Twitter is a far bigger blow to the establishment than any political victory during the midterms could have been. AOC's head is already exploding and Elon Musk is loving it. Twitter before Musk was a carefully curated potemkin village. A false facade that maintained the appearance of leftist thought dominance through the wholesale and ratio of conservatives. Since ownership has changed, there's already been a major change in the types of topics and opinions trending on the site. More people are talking openly and freely about things like medical data and other topics that can still get you banned off of sites like YouTube.
"bank" Discussed on The Crypto Overnighter
"Rupee. Now this would be their retail CBC. And these tests will take place in four cities with participation by four banks. The cities are New Delhi, bengaluru, bubba and suare and Mumbai. The plan for this next stage is to see 9 cities and four more banks added to the test. Now, the Central Bank said that testing would be among a select group of customers and merchants. Reportedly, it will be issued in the same denominations in use today, right down to the same bank notes in the same coins. Payments will be made to merchants by scanning a QR code. And we talked about this plan in October. When India's finance minister nirmala Seth are spilled the beans about a digital rupee during her budget speech in February. Now, the digital rupee is a retail CDC. It's expected to be used by citizens and individuals. It's not the notes exchanged by banks. Although we do have a story about one of those, the Venus initiative. Now, the venous initiative is the European investment banks latest experiment in institutional grade CDC's. And so it was announced today that France and Luxembourg have managed a €100 million bond using a CDC. Natalie afar is the general director of financial stability and operations at Francis Central Bank. She described the Venus initiative as showing quote how digital assets can be issued, distributed, and settled within the Eurozone in a single day. She also said that it shows a CDC can be a safe financial instrument when it comes to a quote safe tokenized financial asset space in Europe. Now the European investment bank engaged in a little snark after this. They said quote, unlike some cryptocurrencies using blockchain technology, the EIB's blockchain bond issues do not lead to extensive energy use. They went on to say that this experiment quote paves the way for a future unchained derivative solutions by using the first interest rate swap hedge represented through the industry developed common domain model. Now Ukraine is also looking into its own CDC. The national bank of Ukraine sent out a press release yesterday that said that they were looking into an electronic version of Ukraine's currency. They said that they were looking to retail noncash payments, virtual asset circulation, as well as cross border payments. Now this report said the CDC would quote become one of the key elements of qualitative infrastructure development for the virtual assets market in Ukraine. Keep in mind, this is not a new idea for them. They've been talking about since 2017. In July of 2021, president zelensky signed a law that would allow the Central Bank to issue a CDC, that's classified as cash. And again, last December, one of Ukraine's oldest commercial banks announced that they were going to test a CDC on the stellar network. And while the Central Bank said that they were working with other organizations and governments, they also said quote, at the same time, the national bank, like most central banks of the world, will approach the issue of issuing its own digital currency carefully and taking into account in particular the potential impact of its introduction on the financial system of the state. Speaking of banks, central and otherwise, how does Sam bankman free to have a bank? I ask because the former CEO of FTX invested heavily in one, but not through FTX. And it's one of the stranger mysteries around FTX is collapse. Farmington state bank is about an hour south of Spokane in Washington state. Near the Washington Idaho border. It has 30 employees, 5 of them are in Farmington, Washington, and 25 remote workers. Now these 25 remote workers belong to Farmington state bank, but they are also working for moonstone bank. We'll get to them in a minute. Now Farmington state bank was founded in 1887 by a cooperative of farmers and ranchers, and Farmington state bank has been in the same building since 1911. They have no online banking. They offer no credit card. In fact, until recently, it was the 26th smallest bank in the country. And in 2010, it's then president John Whitman said that the bank stopped offering mortgage loans because the paperwork was just too much. The bank's big thing is ag loans to farmers. That is far and away different from moonstone bank. Now moonstone is the new digital banking arm of Farmington state bank. And it has not yet opened to the public. So what happened? Alameda research invested a hunk of money in a company called fbh is the parent company of Farmington state bank. At the same time, the FDIC said that Farmington state bank had a network of $5.7 million. So it's a small bank, right? I guess that depends on who, you ask. Because I would think the $11.5 million investment that alumni and research made in Farmington state bank would be viewed as significant. Apparently, that feeling is not universal. Josie booth is the director of business operations at Farmington state bank and moonstone bank. And he was interviewed at the bank when he said that the $11.5 million investment in FB H was less than 10% of the company's total value. According to frontline staff at the bank, the investment was at least in part to get moonstone off the ground. Now here's where things get a little bit weird. Because FTX and animator research are not the only crypto connections to this tiny little bank. Gene chipotle is the co creator of a cartoon character by the name of inspector gadget. He is also the chair of FBA. Now, FH just bought this bank a couple of years ago in 2020. But wait, there's more because chalo pen is not just the chair of BH. He's also the chair of deltec bank located in The Bahamas. Which means that the rabbit hole goes even deeper because one of del tech's biggest and best known customers is tether. You've heard of them. $65 million firm that offers a stablecoin now tether is no stranger to controversy in part complicated by the fact that they have offshore bank accounts. In addition to that, FTX was one of tether's largest trading partners. Now, I don't know that there's anything to that or not. I do know that it's weird that total deposits for this small country bank went from being steady at 10 million to jump to almost 600% at $84 million. Now according to the FDIC, most of that came from four new accounts. Camden fine is a bank industry consultant. And I like how he puts it. Quote, the fact that an offshore hedge fund that was basically a crypto firm was buying a stake in a tiny bank for multiples of its stated book value should have raised massive red flags for the FDIC. State regulators and the Federal Reserve. It's just astonishing that all of this got approved. Now, being in FinTech, it's not too surprising that SPF's involvement in banks doesn't end there. Although it got tricky. Because with most banks, they're kind of reluctant to work with crypto companies. Well, that's where Alameda research came in because customers were wiring money to FTX through Alameda research as bank accounts. Customers were told to send wire transfers through Alameda's accounts at the bank like silvergate capital, trust bank and signature bank, among others. And that money was to go to FTX. Now how much money are we talking about? SPF reportedly believes it's around $8 billion. Which is part of the problem, right? This commingling of resources between FTX and alligator research, things like FTX ensuring that Alameda's
JP Morgan Believes Centralized Crypto Exchanges Will Remain Dominant
"We are going to start the show off with a bank report. It's been so long since I've had the chance to troll will with one of these. So here we go. JPMorgan analysts say that centralized crypto exchanges will remain dominant despite FTX is collapsed, which contradicts some crypto native figureheads who predict a shift towards DeFi platforms in the wake of FTX implosion. The analyst cited an absence of a limit order stop loss feature on DEXs dependency on price oracles that source data from centralized exchanges, hacks and exploits as some of the reasoning. Zach, I'm going to kick it off to you for your thoughts on this bank report. Before will foxley dunks on this poor bank analyst and calls him a midwife. I will stand up for this report and I believe that this is right. Humans have a long history of entrusting other people to do complicated things for them. And sometimes being your own bank sucks, and sometimes yield farming out on the wilds of DeFi also sucks. And that's why we saw firms like Celsius and others leverage some of these DeFi protocols to give lazy users some of that sweet, sweet yield. And I think directionally, if that's the argument that's being made here, directionally that point will stand. And I think despite all of the chest dumping that this is DeFi's moment, I think probably those are pretty stiff like stiff human headwinds to overcome, right? That desire for laziness for entrusting others to do things that, you know, can be tricky, especially in crypto with self custody assets.
Bahamas AG Defends Its Crypto Savvy in Wake of FTX Crash
"To sum up where we left off, the last non interview show was Saturday November 19th. At that point, we had discussed how the $420 million meme raise went directly into Sam's pockets, how Sam's white collar crime lawyers had fired him as a client, how the SEC, the CFTC, and the DoJ all said their investigating, and how new CEO chief overseeing the restructuring John ray claimed that the bahamian bankruptcy was at odds with the U.S. process and further that given that The Bahamas asked for FTX to transfer some assets to them after the chapter 11 bankruptcy was declared that they might actively be compromised as well. And this gets us to one of the stranger dimensions of this whole conflict, which is the international dimension. On Sunday Night, Ryan pinder, who's The Bahamas attorney general, as well as the senator and the minister for legal affairs, made a national address detailing the nation's view of the FTX collapse. One might hope that he would use this as a chance to denounce the fraudulent practices that the company perpetuated. But, alas. That is not what we saw. Instead, pinder characterized the collapse as a quote insolvency crisis, which has been, quote, experienced around the world in practically every sector. He claimed the case should be properly understood as a quote very large business failure as a result of questionable internal management practices and corporate governance. He viewed the catalyst of the FTX collapse as the exchange suffering a liquidity crunch or a run on the bank. And of course, we've seen this framing in media sources as well. Basically blaming binance CEO CZ for instigating a bank run on a competitor and treating the collapse as a normal corporate failure rather than asking why FTX failed to be able to service customer withdrawals, especially given that their terms of service laid out the customer funds were held on trust rather than used for other purposes. Now, sidebar, this is one of the most important things to be paying attention to right now. As relating this entire situation. It is extremely clear that Sam is trying to turn this story his FTX story into one of managerial and competence rather than fraud and deception. This is to be clear another lie.
John Berlau: 'Stocks and Cryptos Will Go Up and Down'
"Opposed to say a Facebook stock, which has thousands of other stocks out there, you know, a similar liking kind, if you would. Crypto is still considered neat. Crypto is still considered, I mean, if you ask a man on the street, ten people, I would be amazed if you got four people that actually understood crypto in Bitcoin and others and the markets how it works to start with possibly less than that. I understand what you're saying about it not affecting others. But the reality is, I think for newer investors, for those who are looking at, don't you think this could actually affect and if not, have we settled a little bit? I mean, maybe Facebook will shouldn't be at 300. It should be at a hundred. Maybe Bitcoin shouldn't have been at 60, it should have been at 16. Where do you see that? I think the big issues. I mean, going up and down generally stocks and cryptos going will go up and down. And that really isn't an issue for it's an issue for the maybe an issue for the individual investor. That's why it's important to diversify, but it's not an issue for public policy. One of the issues with cryptocurrency is that with exchanges you just because of the way the law actually you don't have the same rights as far as being able to access the crypto at whatever value it is. I mean, some exchanges are now doing things like proof of reserves, but generally if they go bankrupt your like an unsecured unsecured credit or rather than having access to that. And there are things that can be done like allowing banks and trust companies to offer trust accounts where there is what's called segregation of assets, but generally now the choice is either either doing that on an exchange where there are less controls about what they do with customer assets. And as far as in as far as legal rights and there are holding it in a wallet of what's called a cold wallet, digital wallet, where, you know, you don't have the risk of the exchange losing it or going by. But then you have other risks like remembering your password,
The FCA Proposes 'Synthetic' Dollar LIBOR Rate
"4 a.m. Thursday, November 24th, 2022. The FCA proposes synthetic dollar libor rate. LTP GT the UK possible to our finance magnates dot com's financial conduct authority target quite blank what it caught foresee 8 5 8 5 41 5 zero four four four 8 two one four 8 C 5 5 F 7 one CB two 8 6 one class quarter skin dairy term quote financial conduct authority FC alt tag proposed the publication of a possibility that finance magnates dot com sliver quad target quad blank white it quote 91 70 C 5 5 at four C 9 two B 5 8 6 two 6 7 6 6 two F four F 8 8 one class quarters main term quote till I be all tag settings of the U.S. dollar until the end of September 2024. Announced on Wednesday, the UK financial watchdog is promising to allow the publication of one. Three and 6 months synthetic lebor settings for the U.S. dollar LTP GT LTP GT, the latest announcement of the FCA indicates that the proposed schedule that finance magnates dot com institution out for exquisite west and Atlantis labor bank marked target quad blanquet in all publications of L IB oral tag is at the end of September, 2024 dot LTP GT LTP GT, the FCA, which oversees lebor, scraped the usage of the. Controversial lebow REITs in 2021. Though the publication of most of the lebor REITs for foreign currencies ceased on December 31st, 2021, only some U.S. dollar settings will continue until 30 June 2023 dot LTP GT LTP GT the U.S. dollar synthetic Tahrir coifs without finance magnates dot com to deliver quite target quad blanc what will I be all tank proposal came and lying with the regulatory estimate of 70 trillion of outstanding dollar libor exposures beyond June 2023. The FCA has specified that synthetic rates are that finance magnates dot com institutional Forex cost financial firms to drop synthetic Clyburn bust alternative target quad blank for use in new contractual tag, but are quote intended for use and certain legacy contracts only dotted a temporary deregulator. Came up with the apostle data capables lebor sittings last year in November as a temporary measure. Initially allowed only for Sterling and yen, the synthetic lebor sittings are calculated using a forward looking term version of the relevant risk free rate sun you for Sterling and ton of free yin dot LTP GT LTP GT the three synthetic yen lebor settings will cease at the end of 2022, while the one and 6 month will die ref cops will doubt finance magnates dot com institutional Forex cat a permanently ceased synthetic Sterling Liberum March 2023 quote target called blank world synthetic Sterling lebor settings attack will cease in March. 2023, the three months sitting for synthetic Sterling libor will be allowed until March 2024 settings are only a bridge to appropriate alternative risk free rates, not a permanent solution. As such, market participants should continue to prioritize active transition and focus on converting their legacy contracts to risk free rates as soon as possible, quote the regulator stated dot LTP GT LTP GT the London interbank offered rate lebor was once the most important number in the financial services industry. It measures the cost of unsecured borrowing between banks. However, the reputation of lebor was tainted by the manipulation of its REITs by several banks. Many traders were charged and penalized for their role in this mass Forex market rigging dot LTP GT. This article was written by arnab as home at WWW dot finance magnates dot com.
Crypto exchange Coinbase to support Easy Bank Transfers for UK users
"5 p.m. Thursday, November 17th, 2022. Crypto exchange coinbase to support easy bank transfers for UK users. Coinbase, the popular Bitcoin crypto exchange company announced today it will be rolling out easy bank transfers for UK users. The new feature delivers an easy way to add funds to coinbase accounts. Through a partnership with true layer, one of Europe's leading open banking platforms, coinbase is able to support easy bank transfers, which the post crypto exchange coinbase to support easy bank transfers for UK users appeared first on krypton ninjas.
NZD/USD rises after RBNZ’s jumbo hike
"10 a.m. Wednesday, November 23rd, 2022. NCD slash USD rises after RB and Z, S jumbo hike. The New Zealand dollar has extended its rally on Wednesday. In the European session, his dust is trading at 0.6181, up 0.47. R B and Z delivers record hike the reserve bank of New Zealand pushed the rate pedal to the floor today, with a supersize rate hike of 75 basis points, a record high. This raised the cash
Market Analysis Report (22 Nov 2022)
"10 a.m. Tuesday, November 22nd, 2022. Market analysis report, November 22nd, 2022. Crypto lender genesis denies bankruptcy plans lawmakers urged fidelity to reconsider Bitcoin retirement plan Bank of England unconvinced to fi is effective way of managing financial risk
What is Crypto Lending and How Does it Work?
"11 a.m. Wednesday, November 2nd, 2022. What is crypto lending and how does it work? If you are a holder of crypto assets and don't want to sell them, but you need money here and now then it's worth using a platform that gives out crypto loans. Cryptocurrency loans differ from alone with a regular bank for the better and will bring additional funds. How it all works read more the post what is crypto lending and how does it work first appeared on coin rabbit? The post what is crypto lending and how does it work appeared first on coin rabbit?
The Fall of FTX
"10 a.m. Monday, November 14th, 2022. The fall of FTX with the devastating collapse of the FTX exchange, the digital asset industry has experienced the most shocking and solvency of a custodian since MD gox. In this report, we analyze the FTX bank run, seeking of safety in self custody and the response of Bitcoin's strongest hands.
JP Morgan Applies For Crypto Wallet Trademark Registration
"9 a.m. Wednesday, November 23rd, 2022. JPMorgan applies for crypto wallet trademark registration. It's been the same old story since the dawn of crypto. The problems of dualism and finance always spot on major banks and cryptocurrencies and how traditional finance institutions hate digital assets. Jamie Dimon, JPMorgan CEO, and chairman made a clear previously that he was not a fan of Bitcoin. While diamond has a the post JPMorgan applies for crypto wallet trademark registration appeared first on block anomie.
UNO Digital Bank to Offer In-App Crypto by 2024
"3 a.m. Thursday, November 24th, 2022. Gunno digital bank to offer in app crypto by 2024. Guno digital bank also assured its customers that the FTX bankruptcy has not affected its plans to offer crypto to clients. The post uno digital bank to offer in app crypto by 2024 appeared first on bit penis.
What Have We Learned and What Is Our Strategy?
"Says Charlie, this is actually a really good question. Charlie, what have we learned and what is our strategy? Look, a movement that does not adapt. A military that does not adapt. An organization that does not adapt will die. It's that simple. You must always constantly be adapting and improving. And one thing that we have to learn from is in Maricopa County, if we just all broadcast election day election day election day, it doesn't go well. You can sabotage ambushes all this nonsense. So instead, and I want to make sure I'm very clear about this. The ideal, the ideal way, how we want elections to operate is different than what we have to navigate. The ideal I would love to have a national day where everyone goes and votes. Voter ID, one day of voting, that's it. The way France does it, you know the winner by the election night, but that's not the world we live in. So if you live in Georgia, I would not recommend voting by mail. But in person early voting. In person early voting, go get your vote banked. We need the entire America first, the entire conservative movement in Georgia. I could tell you there's going to be shenanigans and nonsense and all of this, but we have got to get Herschel Walker across the finish line. This is the difference between the Democrats, having reliable 52 48 Senate or a 50 50 Senate. And with a 50 50 Senate, you're going to have cinema in a tough reelection fight and cinema with hopefully a tough primary challenge that seems to be bubbling up in Arizona with congressman gallego. And also Joe Manchin, who's going to have a very difficult race if he decides to proceed. Joe Manchin just might go become a lobbyist. Where it looks as if the popular governor justice might run Morrissey might run. There's a lot of different people in West Virginia that will keep pressure on Manchin. So this Democrat 50 50 majority won't really even feel like a majority.
Twin blasts shake Jerusalem, killing 1 and wounding several
"Two blasts have gone off near bus stops in Jerusalem, killing one person and injuring others in what police say are suspected attacks by Palestinians. The first explosion occurred near a bus stop on the edge of the city, while the second went off in ramat a neighborhood in the city's north. Uma valley Israeli minister of public security says he hopes that we catch the terrorist or the terrorists and root out this organization because assuming there's a connection between the events, it's clear it's something more complex. The apparent attacks come as Israeli–Palestinian tensions are high, following months of Israeli raids in the occupied West Bank prompted by a spate of deadly attacks against Israelis that killed 19 people. I'm Charles De Ledesma.
"bank" Discussed on VUX World
"Completing the work to launch tourist assist into production and get it out to all 10 million of our clients, we were just talking about what's next and opportunity came up for me to go to Citizens Bank. So citizens also a super regional right now. Mostly headquartered in headquartered in Rhode Island. So provide insured island if you're familiar with that and really good presidents in the New England area, but continuing to acquire other banks and expand other states. And there are aspirations to have national products and then eventually a national bank. So if you've seen anything like citizens access, that's a high yield savings product that they have that you can access nationally. And then there's some other solutions that citizens provides even like student loans or other buy now pay later type of lending that they do that is already on a national scale. Nice. And so what's your what's your role there at citizens then we mentioned obviously you're running the conversation AI kind of side of things and getting the plans in motion for that. So I wonder if you can shed a bit more light in terms of like the score of what you're there to try and accomplish. Yeah, I mean if you think about like my role in general is coming from product ownership product management background so it is I can boil it down to like how do you explain this to somebody when you're at cookout or barbecue or whatever? Football match how would you describe what it is you do? It's really set the road map and vision for what are we going to build and how is it going to benefit our customers? And then from there you break it down for defining what does excellent look like and what should we expect this experience to look like for our customer and you have to define it two different ways you have to define what is the acceptance criteria for me to communicate clearly to the developers and I am technical like this has to be true for this work to be done. And considered checked off the list. But you also have to communicate it more in a business sense and a client experience since two of this is what excellent looks like. This is what we want our clients to feel and experience and understand when they're interacting with this particular technology.
"bank" Discussed on VUX World
"So basically, you're running the conversation like I program at Citizens Bank is the short and simple. Or planting it and growing it out of the ground. Nice, nice. Not too big yet in terms of running the program, but we're establishing it growing. That's for sure. Nice, nice. That's good. And you have lots of experience in this field from your time at a truest, which is another decent sized bank in the U.S.. And so definitely getting excited to get into the conversation today about the truest situation and your loan is there and Citizens Bank and where the opportunities are there and how you're planning it really. And if you're listening to this and you are a product manager product owner working at a senior level in organizations, trying to figure out how you get this kind of stuff off the ground, then hopefully this conversation is going to help you out immensely. So thank you for joining us Bill. Yeah. We're going to also quickly before we kick off. Quick shout out to the webinar that we're doing with talk desk on December 8th. So this is going to be all about conversational commerce and how conversational AI is able and is driving revenue for retailers and all kinds of other companies. And we're going to be joined by Don harp stuff from talk desk, discussing all of the different use cases and all of the ways a conversational AI is being used in a commerce environment to help that kind of like pre sales and sales journey and so definitely you want to check out that if you are working in retail or in any kind of sales dog, how digital workers can autonomously help you scale yourself. It's going to be a great world forward slash events if you want to learn more about that world forward slash events and hopefully we'll see you there on December 8th. I feel like I should do some sort of Christmas theme for that builder dragon. I absolutely think so. If you're not wearing a Christmas sweater and ugly Christmas sweater, then you're not doing it. I'll go plenty of ugly Christmas sweaters, definitely. I will say, right? Ugly Christmas sweaters. I kind of in fashion now. And I remember a long time ago, wasn't that long ago. It was probably about 6 or 7 years ago, maybe it's a bit longer. I was sitting at my sister for Christmas. I want the worst Christmas jumper you can possibly find. Because why would you why would you want like a turbo Christmas jump I said because it's fancy one of those really cringe worthy Christmas jumpers. And two years later, apparently it's a thing to do with the cringey Christmas jumpers are where it's at. So I don't know what was going on.
"bank" Discussed on Code Story
"Product utilizes encryption, secure storage, and isolates your data away from other customers. If you want to get a dashboard up and running in a few days, or replace an existing and slow dashboard, get started with verb now. Learn more about the product at verb data dot com slash code story. That's V ERB data dot com slash code story. So okay, you got your MVP. You mentioned earlier. We sort of changed how we make decisions. Now, tell me about that. Tell me about how you progress the product and matured it and built your road map and specifically in terms of how do you decide what the next most important thing to build is. What we realized is that with the very large customers and partners, Bank of America being one of them, like a very large bank, the requirements and non functional requirements that we had for architectural design in the way that we shipped products and the way that we wrote code needed to pretty profoundly evolve. There were requirements for things like security and compliance that as a business we had already obviously worked on because we need to take that stuff seriously from the beginning, but it needed to have a new level of focus. And it had a new level of investment. And so as we've gone down that journey, we're breaking out services from our kind of rails monolith to more easily enable enable us to meet the very high levels of resiliency and reliability and security and compliance that are necessary for a payment network. What we've done is not try to do a kind of boil the world. We're going to stop everything that we need to be able to that we've done in order to be able to kind of completely re architecture the platform. But to take a much more pragmatic approach and say, actually, where are the opportunities that we have as we build new products as we broaden your features as we do new things to be able to build a more resilient, reliable, secure, scalable architecture. And so classical example of this is moving from Heroku to GCP and actually enabling us to get a much wider set of knobs to turn in order for us to be able to meet the kind of SLOs and SLAs that are an organization where Bank of America would expect. That has implications for the way we think about architecture, right? We think about security in a new way. We do bring your own keys and HSMs in a way that two or three years ago in the business wouldn't have been something that was higher priority for us. That journey has been an incremental one, but the speed at which we've been able to achieve it is something I'm actually very proud of the team for doing. As the teams grow and as the engineering teams, 35, 40 people now, we can actually have the capacity and the bandwidth to be able to make somebody really deep changes to our platform in a really kind of safe, reliable, secure and scalable way. Let's switch to team then, so how did you build your team? And what did you look for in those people to indicate that they were the winning horses to join you? I think that the people journey is broadly analogous to the technology journey in many ways. In that the kind of experience, the kind of culture to optimize for. At an early stage, pre seed and seed stage business is very different to that of a post a stage, a B round and gross stage business. And ultimately, that journey is one of generalism to specialism. Early in the art in our journey, hiring people onto the team who were technology generalists, who could work on front end user experience who could build APIs, who could build backend services who could help us with ops. So the ultimately the groups of people that we could put together to work on things could be independent, right? We could work in teams of one and be able to do things in parallel and to do things really quickly and have built a culture that was kind of an ownership culture. Which was to say, I'm going to take this on and I can push this thing through. And I can have all of the context of this thing in my head at one point. And I can take a bunch of it throughout the process. Now, obviously, that's still important to us, but as the complexity of things that we've done has grown, as the number of things we do concurrently has grown, it's just not possible for one human to be able to maintain that level of information in their brain. It's not something humans are very good at. And so that journey of specialism has kind of come in where we've hired people with more specific skills, right? Rather than sort of generalists are building a team of SREs is a great example of this. Hiring platform engineers whose job is to actually build tooling and libraries and an ecosystem of developer ecosystem internally to enable other teams, whereas before that might have been something that one of our more generalist engineers would take on day to day. And so that culture of generalism to specialism is a journey that the all engineering teams take, but has been one that's been particularly valuable about because it's enabled us to, as I said, go on that technology journey of kind of something that was massively optimized for one use case of iteration, trying to find product market fit to something where we've now found product market fit and we need to go super deep as a business on the technology that we build. This episode is sponsored by web app IO. Web app IO helps developers build world changing web applications. Faster than ever before. Add things like product screenshots, cypress test recordings, technical SEO health, and even full stack review environments to get feedback without being blocked by staging servers. Web app IO takes care of speeding up end to end test, disposable staging environments, and continuous integration, all in one place. You can focus on shipping website changes instead of managing your DevOps. Try it for free at web app IO slash code story. That's WEB APP dot IO slash code story. This message is brought to you by immediate. Did you know that financial stress is impacting 9 out of ten of your employees performance? This means that the quality of your employees work is being compromised. And essentially, robbing your bottom line. That's where immediate comes in. Immediate helps businesses recruit, retain and engage employees in a rapidly changing job market by providing on demand pay solutions. The immediate solution provides employees with on demand access to their earned but not yet paid wages. This is accomplished through simple integrations with the employer's current payroll and time tracking providers at no cost to the employer. The media is the premier on demand pay solution designed to improve the quality of life and financial well-being of employees. Allow employees responsible access to their pay when they need it most. Find out more about immediate at join immediate dot com slash code story. Let's flip the scalability and this will be interesting. Did you build this to scale efficiently from day one or have you been fighting this as you've grown and gained traction? We've tried to do the impossible thing and try to do both. It is an impossible task, but our goal has always been just in time optimization. To use a compiler, what we didn't want to do is because we're a payment network, right? Like there are customers have a very low tolerance for a resiliency and reliability issues..
"bank" Discussed on Code Story
"Heard that right. Without passwords. The mission of the company is to eliminate friction on the Internet, while also improving security. Stitch is building tools that make it easier, faster, and safer to build authentication into your apps and websites. Stitch customers have experienced significant increase in user sign up conversion, post implementation, while reducing deploy and test time for months to hours. Have a look at their easy to use APIs today. At stitch dot com slash code story. That's STI TCH dot com slash code story. This episode is sponsored by verb data. Dashboards need to be high quality, easy to create and simple. Yet developing them can tend to be the complete opposite. The team at verb wants to change that. Verb speeds up the initial dashboard building process and limits the ongoing maintenance required, so development teams can stay focused on their core product. With verb, you control how and when your data is ingested. You can build models across data sources. You can segment and transform your data all while knowing that the product utilizes encryption, secure storage, and isolates your data away from other customers. If you want to get a dashboard up and running in a few days, or replace an existing and slow dashboard, get started with verb now. Learn more about the product at verb data dot com slash code story. That's V ERB data dot com slash code story. So okay, you got your MVP. You mentioned earlier. We sort of changed how we make decisions. Now, tell me about that. Tell me about how you progress the product and matured it and built your road map and specifically in terms of how do you decide what the next most important thing to build is. What we realized is that with the very large customers and partners, Bank of America being one of them, like a very large bank, the requirements and non functional requirements that we had for architectural design in the way that we shipped products and the way that we wrote code needed to pretty profoundly evolve. There were requirements for things like security and compliance that as a business we had already obviously worked on because we need to take that stuff seriously from the beginning, but it needed to have a new level of focus. And it had a new level of investment. And so as we've gone down that journey, we're breaking out services from our kind of rails monolith to more easily enable enable us to meet the very high levels of resiliency and reliability and security and compliance that are necessary for a payment network. What we've done is not try to do a kind of boil the world. We're going to stop everything that we need to be able to that we've done in order to be able to kind of completely re architecture the platform. But to take a much more pragmatic approach and say, actually, where are the opportunities that we have as we build new products as we broaden your features as we do new things to be able to build a more resilient, reliable, secure, scalable architecture. And so classical example of this is moving from Heroku to GCP and actually enabling us to get a much wider set of knobs to turn in order for us to be able to meet the kind of SLOs and SLAs that are an organization where Bank of America would expect. That has implications for the way we think about architecture, right? We think about security in a new way. We do bring your own keys and HSMs in a way that two or three years ago in the business wouldn't have been something that was higher priority for us. That journey has been an incremental one, but the speed at which we've been able to achieve it is something I'm actually very proud of the team for doing. As the teams grow and as the engineering teams, 35, 40 people now, we can actually have the capacity and the bandwidth to be able to make somebody really deep changes to our platform in a really kind of safe, reliable, secure and scalable way. Let's switch to team then, so how did you build your team? And what did you look for in those people to indicate that they were the winning horses to join you? I think that the people journey is broadly analogous to the technology journey in many ways. In that the kind of experience, the kind of culture to optimize for. At an early stage, pre seed and seed stage business is very different to that of a post a stage, a B round and gross stage business. And ultimately, that journey is one of generalism to specialism. Early in the art in our journey, hiring people onto the team who were technology generalists, who could work on front end user experience who could build APIs, who could build backend services who could help us with ops. So the ultimately the groups of people that we could put together to work on things could be independent, right? We could work in teams of one and be able to do things in parallel and to do things really quickly and have built a culture that was kind of an ownership culture. Which was to say, I'm going to take this on and I can push this thing through. And I can have all of the context of this thing in my head at one point. And I can take a bunch of it throughout the process. Now, obviously, that's still important to us, but as the complexity of things that we've done has grown, as the number of things we do concurrently has grown, it's just not possible for one human to be able to maintain that level of information in their brain. It's not something humans are very good at. And so that journey of specialism has kind of come in where we've hired people with more specific skills, right? Rather than sort of generalists are building a team of SREs is a great example of this. Hiring platform engineers whose job is to actually build tooling and libraries and an ecosystem of developer ecosystem internally to enable other teams, whereas before that might have been something that one of our more generalist engineers would take on day to day. And so that culture of generalism to specialism is a journey that the all engineering teams take, but has been one that's been particularly valuable about because it's enabled us to, as I said, go on that technology journey of kind of something that was massively optimized for one use case of iteration, trying to find product market fit to something where we've now found product market fit and we need to go super deep as a business on the technology that we build. This episode is sponsored by web app IO. Web app IO helps developers build world changing web applications. Faster than ever before. Add things like product screenshots, cypress test recordings, technical SEO health, and even full stack review environments to get feedback without being blocked by staging servers. Web app IO takes care of speeding up end to end test, disposable staging environments, and continuous integration, all in one place. You can focus on shipping website changes instead of managing your DevOps. Try it for free at web app IO slash code story. That's WEB APP dot IO slash code story. This message is brought to you by immediate. Did you know that financial stress is impacting 9 out of ten of your employees performance? This means that the quality of your employees work is being compromised. And essentially, robbing your bottom line. That's where immediate comes in. Immediate helps businesses recruit, retain and engage employees in a rapidly changing job market by providing on demand pay solutions. The immediate solution provides employees with on demand access to their earned but not yet paid wages. This is accomplished through simple integrations with the employer's current payroll and time tracking providers at no cost to the employer. The media is the premier on demand pay solution designed to improve the quality of life and financial well-being of employees. Allow employees responsible access to their pay when they need it most. Find out more about immediate at join immediate dot com slash code story..
"bank" Discussed on The Indicator from Planet Money
"In a terrible war, you can kind of forget that millions of Ukrainians are still working their normal jobs. That's especially true in the majority of Ukraine, which is not under Russian occupation. In between curfews and air raid sirens, many Ukrainians are still buying coffees from cafes, they're still paying their phone and electricity bills. And to do that, they're using their banks. And maybe surprisingly, Ukraine has managed to avoid a financial collapse despite being pummeled by Russian bombs. That's because there's been this mammoth effort to keep the banking system running during this war. To keep the money flowing requires radical actions from the top at Ukraine Central Bank, all the way through to the worker who's loading up the ATMs with cash. And how Ukraine has managed this is by following the playbook from really any financial disaster. This is the indicator for planet money. I'm Adrienne ma, and I'm Darien Woods. Today on the show, an international economist tells us four steps to keep your banks running during a crisis and a Ukrainian banker tells us how that's playing out on the ground while trying to keep his staff safe. We can not openly say it many things. What we did learn after the break. Support for NPR and the following message come from burrow, the furniture company known for their easy to assemble modular sofas and sectionals. Now they're applying their expertise to the bedroom with all new bed frames, dressers, nightstands, and mattresses all made with premium durable materials. Every single order ships free from a sprawling sectional right down to a tasteful side table. Listeners can take $75 off today at borough dot com slash indicator. To find out how Ukraine is keeping its banking system afloat, we spoke to Nicholas veron. He's with the think tank's bruegel and the Peterson institute. There's been a lot of surprises, I think, France since the war started. So there is much to be humble about. And one surprise was in Ukraine's banking system. Ukraine is a fairly new democracy. And it's been dogged by this episodes of really high inflation. Several years ago, the country did reform its monetary system. And it got inflation under control. But then Russian forces, a few months ago, started building up along the Ukrainian border. So you can imagine on top of how dangerous the situation was. Financially, Ukrainians would have been feeling a little on edge and ready to take their money out of the bank. It is completely rational at an individual point of view. It's also this stabilizing at the collective point of view, so that's what economists are game series called the collective action problem. A collective action problem. What's right for each individual person is terrible for the economy at large. And in this case, that means a lot of people converting their savings into dollars and Euros from the local Ukrainian currency, the Caribbean. Which is, you know, understandable because some people might be afraid of the currency collapsing. Yeah, that had been getting less and less valuable in the last several months in the lead up to the war. Also, all that demand for cash withdrawals is a really big problem for banks. So when you have a bank account, it has $5000 in it. The bank doesn't actually have those $5000 in bills in its vault. It's already lending most of your money out. Kind of the stampede, a collective dynamic that would become completely uncontrollable and highly destabilizing. And so to avoid those stampede, you say just people can not move. And so the Central Bank is going to try and essentially stem the flow of money out of the country. This is the first of four actions to Central Bank can take in a crisis, which we're going to call a freeze frame. It's like hitting the pause button on a video game. It gives a Central Bank time to scramble, get its house in order, and temporarily try and stop a panic from spiraling out of control. And the way Ukraine Central Bank did that within hours of the Russian invasion was won by fixing the exchange rate and also by using these things called capital controls. Capital controls meant most people couldn't convert revenues to dollars or Euros. You went even allowed to send money to your PayPal account. And fixing the exchange rate meant that the few transactions that were allowed, the government made these specific exchange rates that were frozen in time that couldn't change with any market forces. And that's what has been discovered by the refugees, especially who came to Europe with banknotes, stashes of freezer, but have found it very difficult to exchange them for Euros or dollars. Refugees not being able to convert much of their savings into local currency is one of the reasons capital controls can not last forever. They start to create other problems. And just like with a paused video game, eventually you're going to want to restart. And so in the meantime, the Central Bank needs to bolster the banking system. And that's action number two. Phone a friend. Specifically, Poland. On the same day of the invasion, Ukraine signed an agreement with Poland saying that they could swap about a $1 billion worth of Ukrainian arrhythmia for the Polish currency at an agreed rate. And that is a huge help because it allows Ukraine to pay other countries in a more stable currency. The other friend was the International Monetary Fund. At its heart, it's a bank for countries in financial trouble. The IMF gave Ukraine a no strings attached $1.4 billion loan in early March. That was disbursed immediately to help the Ukrainian government with their urgent spending needs at the IMF very euphemistically puts it. Some of those urgent needs were part of the third step that can be used to stem a financial crisis. Step three load them up. Land banks, a lot of money for any withdrawals they need. The Central Bank said it would loan banks and unlimited amounts of revenue, Ukrainian cash, whenever people want to do withdraw it. And by announcing this policy that Ukraine's banks would have a way to make good on any cash needs. This was a way to calm everybody down and avoid a bank run. But to convince everyone the cash will actually be there when you need it, you need the help of the retail banks. And that's step number four, cash out. Difficult to deliver cash. This is no more. The CEO of Ukraine's second largest bank or SHAD bank. On the road, you will for sure be under fire. This is very dangerous. When we spoke to Sergey, he was in a home office in the western part of Ukraine with a blue and gold Ukrainian flag, pinned behind him on the wall. So hey staff have come up with all kinds of ways to keep safe when delivering cash to ATMs and bank branches. And so hey, didn't want to give exact details about how his staff might be finding safer times or safer routes to travel or maybe even using different vehicles. But he did say this. Our people, their show, they are really brave. In some cases, they do things. Like a hero, trying to transfer cash if it is not possible, even with using some rivers of the port. In order to bring money to a lot of people to get payments. They used a boat to cross the river because the bridge had been bombed by Russian forces. I mean, that's pretty impressive. Yeah, that's thinking on your feet. It's pretty amazing. Yeah, yeah, but ultimately, Sarah hey says he hasn't even bigger worry than getting cashed banks. He's worried about his staff. In some towns, he says his bank has started to evacuate employees, but they haven't been able to get everyone out. Sometimes people, they don't want even leave. In some cases, they're still working to the final end. Yeah, I mean, it is a devastating situation at the moment. I mean, how is that for you personally? Who is prepared for such skill work? But together with steam, these people with support. I.
"bank" Discussed on What Bitcoin Did
"Right. Yeah. I don't know. They could effectively standardize and form federations and things. It was a variety of ways that that could all work out. And do you think reputation would lead to a discrepancy in the value of those dollars? Yeah, absolutely. Interesting. Well, reputation as well as it would depend on how transparent they would be. What's tricky is that you can be transparent with blockchain technology, for example, you can be transparent about an asset. But you can't necessarily be transparent about the liability. So theoretically, if it's like, we're a bank. We have a website at any given point in time. You could look at our reserves to our loan ratios that we have outstanding. Or whatever it is that's backing our paper. You would have to trust them on the actual paper that they're issuing unless that was also on a permissionless blockchain as well, which I guess I haven't thought through how exactly that would work. So do you think Bitcoin ultimately leads to the end of central banking or could lead to the end of the Central Bank? I think it ultimately could lead to the end of a Central Bank, I want to believe well, okay, here's how I'll say it. I think that Bitcoin will reduce significantly the role and probably the nature of a Central Bank to in any event to be more of an administrative type entity as opposed to a monetary authority, something that would administer the system and allow it to function with oversight from some sort of legal authority. And not making monetary decisions necessarily. But on the whole, I guess, yeah, I think it's going to end central banks. And the end of central banking and move more to this kind of idea of free market for banking. What are the implications there for an economy? Does it change the market for cheap credit? Does it change mala investment? Does it fix all these problems? I don't think it fixes it. But I think it allows a private market to make those decisions. Or reduce the extremes? Yeah, exactly. I mean, it's economy to fluctuate and this is one thing. So people have come at this from the perspective of Bitcoin solves everything and it fixes everything and everything's going to be perfect and it's going to be a utopia and it's like at the end of the day. There's a reason that we valued more stability in a currency as well. And we were able to use that as a selling point. There is going to be volatility volatility will be inherent even when Bitcoin reaches maturity. It will still be more volatile than a currency that's supplies constantly backstop two halves stability. Is that because of these inelastic? Well, yeah, it's inelastic because every time the demand fluctuates Central Bank can change the supply to respond to that. So yeah, exactly. So we say, which is an easy decision for a centralized entity. To say, okay, well, as long as the costs aren't on us, then we can have this stable currency. And there are still benefits to having a stable currency..
"bank" Discussed on Banking Transformed with Jim Marous
"Do bidding at auctions and all those sorts of things that actually drive people to tv. And so we've now got a passionate group of leaders am colleagues around the organization who often come to us and say you know. What are you seeing in my market. What's happening what kind of search. How are people searching. What are they searching for. And we do know that. When you look across maine to florida in our footprint those things can differ our competitive set can differ and so it really is important that everybody understands the digital shift. Though you know that we have seen him will continue to see Around our environment for financial services elsewhere so in some i'd region podcast. I've questioned whether loyalty. Every we normally defied it in banking based on towns sir balances or even transactions maybe as now fleeting that the consumer now is dividing up the relationships. They're going to digital banks too big tech organizations and provide financial services and that really the consumer doesn't necessarily have to close their account for them to fracture the relationship. How do we as finances worked to hold onto that consumer. And how do we build bigger and better engagement models. That really moved them and say you know what it's not just about the badges or number of is really. How often do you rely on me when you're going to your mobile phone or something along that nature. What is your perspective on that you know as an organization but also yourself. Let me answer the question from my perspective. Firstly i know see loyalty as de at all And in fact. I think in light of more choice and hire consumer expectations companies. Actually just have to work harder. Turn it and to retain us In financial services. I think in particular. We know that trust is really key. Driver of loyalty consumers are trusting us with their money. They're trusting us with their aspirations for the future. They're trusting time keeping their family You know in good stead et cetera. So trust is just such a key part of loyalty for for tv and for our industry. And i think because of that it's inherently personal and it can be quite emotional for people they want to know as you said that their bank has their back and is there to be on the other end of the phone or to be there if they decide that each store if they need a i think our ceo Is often you'll hear him say tedious not in the business of selling mortgage or signing one more checking account were actually in the business of helping people become homeowners and enabling them to meet their goals So for that reason i think brand is intensely important and particularly with so many banks in the. Us competition is fierce. Ended is our unexpectedly human brand. That really makes us stand out when we first set out to launch that brand a couple of years ago this is pre my time the The head of marketing research and found out that seventy four percent of consumers felt that their banking relationship was purely transactional and so. Td's released such a a challenge and we want to challenge that perception and so we've always been the bank that really pride ourselves on being different from the other banks and to really redefine banking by creating those connections with our customers and to your point in our communities where in a week we continue to be very presence locally and deeply believes in kind of having that local connection you talk about that local presence and all that and one thing that always really made me. You know. Look at td bank. You've really worked as an organization to build an emotional connection with customers more more than just a transactional engagement or more than just doing what shows up on the financial reports on an annual basis about. Here's our community the community. Can you describe some of the examples of how. Td bank has really built an emotional tie so that customers know their work with an organization that not only can they trust. But maybe you're seeing things way they are. Yeah i think probably one of our best examples in firstly. Thank you for that. That is really what we aim to do so you know that that's something that you know. Just as part of our overall culture to be thinking about the person who is at the end of any transaction that we do In one of the best examples is what we call t thanks. You and. I'm not sure if you've seen that I wouldn't even call it a campaign but it's a program that we do annually. I think we've been. This must be our fifth year of doing and what we do is really highlight and celebrate our customers who you know. We know personally and who have really entrusted us with their business sense. Typically what we do is look for someone who spent doing something extraordinary sh so this year our program is all around people who have made an having a positive impact on their communities and not looking for any real kudos from anyone but religious doing the cousins just so inherent to what they do so whether it's bringing music to a community or those kinds of things are helping young people figure out how they can also You know bill careers Just we have so many amazing stories and we have so many amazing customers and we do think it's our. It's our partnership with those customers. Who are really making the difference in communities so we were constantly looking for how we do that in new and different ways and you use social media quite effectively in these kind of programs to really make it so your customers realized that. You're you're recognizing individual. I met remembering it. It was many years ago something. She did it around the holidays. Some surprising light. You know the the dream made teams is the only thing i can remember in the fact that you know you. You made people's dreams come true. And and and i think that thing that was most interesting about this is that you promoted the fancier doing this and you made it so customers felt good about what. Td bank was doing the in the marketplace for individuals. As you mentioned more than just you know those flash and dash donations which are very easy. But really these micro in the engagement things that made it so that customers.
"bank" Discussed on Banking Transformed with Jim Marous
"In the uk I'd then went onto a bank in hong kong went into healthcare in singapore and ultimately back in the us. I worked for Cigna for about nine years and you know. A religious saw this great opportunity to join tv about six years ago. Ultimately i went to canada When i first started with the bank in iran brand in customer experience than you know to your point in your opening points it it's just been a highlight. A career highlight works per company. Who so deeply believes in both brands as well as customer experience and really understands. I think the connection between the two recognizing new. Your brand is the aspiration that you set but also customer experience relate is the delivery of fat so as just a terrific company to work for and like i said we just have great passionate around to our customers both in canada as well as in the. Us terrible over the past eighteen months. Marketing has certainly been the spotlight at most financial institutions are needed to create and promote a distance that we're both responsive to new marketing dynamics that were related to the pandemic. How did td bank monitor the shifts and consumer behavior and their expectation changes and how these lorries reflected in both campaigns and customer experience at td bank. Yeah you know i. there have been so many chefs. You the first one that i always think about really is just the acceleration of digital adoption. And mackenzie has this On inspiring statistic that says that digital adoption walton had five years just eight weeks at the beginning of the pam town next so you know for td for companies around the globe. I think we really had to figure out. The second area is has always been important. That is around. Franck her best and what we saw at the beginning of the pans. Now mac continues to thrive Even you know eighteen months later is just a sec. Speculation that consumers have around working Doing business with the company whose values matched their own and similarly from an employee n. colleague perspective calling a work shirt company whose values matched their own and so corpus has never been more important to end. You know to me. it's no longer. simply something. Some companies differentiate themselves on it is every company has to be purpose driven To have a sustainable future. So i think there have been and many other so many other trends whether it's the move to virtual. Td one of the things that we do internally we believe deeply in kind of infusing the culture internally and so we have a huge reward and recognition program that we call the wow awards and you know this year and and last actually we did virtual wars and we had set almost fifteen thousand colleagues in the us. Dial in virtually but what was great about it is typically. We did those person and so this year. Our colleagues got to bring their families than you know really share with the broader group. So i think there are a lot of things that endure well beyond The pandemic and that will make us better and and more thoughtful for both our customers as well as our colleagues. So it's interesting for those of you on the listening to podcasts. At may not be familiar with td bank. They acquired commerce bank and number of years ago but one thing to commerce bank was really really strong and was not only the brand experience but the community experience. They were known for hand out pens. Dog biscuits participate in every neighborhood. Prayed and no for the friendliness so over the years you know one of the question. I used to ask people that showed up a confrontation from. Td bank how do you create that level of emotion in a digital banking experience. Went branches continually dropping. So how do what is the secret to your success. As far as really bringing that that warm fuzzy feeling that t- that commerzbank was known for into a td bank digital banking experience. Yeah i wasn't here honestly during commerce bank days but I know that you know a lot of what they brought to. The cultures still endorsed today. I think it's important to start with the fact that you know. We continue to be a leader in retail convenience. As you sent we have a lot of you know what we consider to be kind of legacy proof points so things like you know longer in weekend hours having more locations dog biscuits you know where people can can bring their dog into the store before that was kind of in fashion. Now we see that everywhere and our pens and just an interesting story about our pens. We continue to give out many many many pans But just recently we actually have now started making down from recycling ball water bottles so that we make sure that we're really focusing on the environment and doing the right thing while still giving out those things that our customers have come to expect. In fact i started. When i moved back from singapore i moved to philadelphia and Didn't know tv as well. And because i'd always lived in places other than the east coast. And the way that i i got to know of. Td was through the pants. Every restaurant every cabdriver. That would hand out. A pen was like. Oh it's td bank so Definitely it makes the difference Store still are part of our strategy. A lot of her acquisition still happens in stores and we do know that. There's a time when people just prefer face to face. Interactions tends to be when they're seeking guidance or advice typically for more complex transactions. And i think contrary to popular belief even younger consumers when they're doing something like you know taking on a mortgage for the first time. They actually want to sit across the desk from someone to make sure that they understand us so we continue to believe you know that's an important part of our channel strategy at the same time. I think there's no doubt as you said that consumer preferences in habits changing many that are in sachse accelerated by covert which we talked about eighty eight percents of our own customers say that online mobile online were mobile. Banking is the most important aspect of convenience stores continued to be high over seventy percent for us. And so what we've done is continued to really invest in technology making sure that we're aligned with consumer expectations of online experiences. So you know there is more emphasis than ever on things. Like speed and ease You know consumers care for example. How many steps. It takes them to apply online so we do things like conversion on also looking to see like where people dropping out in going into those break points and making sure that we're addressing any challenges. But i think you know to the heart of your question as well as how do you. Retain a brand positioning of unexpectedly human across different different channels and for us independent of channel. We believe that our people and our conversational brand. Which is how we describe. Our brandon are really vital to the overall customer experience and so we really looked to put in what would be considered a human touch into any channel tv dot com mobile et cetera and religious kind of takeout lands.
"bank" Discussed on Mom and Dad Are Fighting
"Dad. I'm curious on what you think. Parents should do with monetary gifts to their kids in particular when they are infants. We have wonderful friends and family who have given us various monetary gifts for milestones in our infants life. But my husband. And i are trying to figure out what the heck did with them assuming we can fund or college ourselves. Do we put it in your five to nine a separate rank account. She gets access to when she's old enough. Split it or put holiday gifts in the five to nine and she keeps birthday gifts when she's a baby and doesn't have a concept of gifts or money it's one thing but when she starts opening these gifts herself what do we do. Does my five month old nita bank account. Okay so it sounds like you don't have problems so we'll just skip this question. Good phone i i completely i feel like understand like feeling like the money belongs to your child because it's being given to your child but your like caregiver and i think the advice that i can give you on. This is to say like yes. This is a wonderful problem to have and to really think about putting money away because when the time in your life at which you need money is a time in which like you will appreciate this. Sometimes it's hard for us to like. Hold things that we think are children's like like it's like this belongs to them. Should i give it to them when they turn eighteen. Should i give it to them when they you know hit this milestone like what is that. I think the point is if you put it away. You can make those decisions later now. The the five twenty nine you know. It's like if you think you can pay for college then. Maybe you don't need to put it in a five point nine but maybe you put it in a five twenty nine for college and then the money you would have put an air you can use for something else like those are kind of a family decision..
"bank" Discussed on The Economist: The Intelligence
"At goldman sachs banking. Business is position incredibly well and at citi group if they get offensive optimism fabulous pipeline whenever one of these things that we really have a fabulous pipeline part of the seasonal cheer is down to how customers themselves are doing a fact not lost on. Jp morgan chase it. Consumer their house back up your incomes up throughout the pandemic is hopefully like everyone else. Bankers want the pandemic to stay there in the rear view mirror. In truth though some of those results only seem so bountiful because reactions to the pandemic and stimulus checks rainy day. Cash piles won't affect the seasonal harvest forever for now though. Bank bosses are happy just to take in the current crop numbers. Thanks reported really. Excellent profits in the most recent quarter this week alice. Fullwood is the economists wall street correspondent so total bank profits at bank of america. Citigroup goldman. jp. Morgan chase morgan. Stanley and wells fargo. Which are america's six biggest banks taught it up to meaty forty three billion dollars in the second quarter of the year that was about four times the level from the same period in twenty twenty and around the third higher than they would have posted an average quarter in two thousand eighteen two thousand nineteen so general it was a really excellent quarter bank profits and bank bosses. Were very happy about it. So where are all the prophets. coming from. most large american banks can essentially be split into two functions. So you have the investment banks. These are the banks that deal with markets so they issue equity and debt for they trade shares in stocks and bonds and in general a saw pretty booming market activity. Last quarter in particular business was very very strong in terms of merger and acquisition activity which domestic banks earn fees from an also initial public offering so new companies debuting on stock markets. Those sources of revenues and profits did really really well last quarter at goldman sachs. Jp morgan morgan stanley. The other slice of american banks is the retail bank. Real banks did take a big initial hit during the pandemic as bank bosses expected that they would have to incur a lot of loan losses. But to what's happened over time as i. The stimulus checks and stimulus. Payments helps keep customers afloat and now as the economy is reopening and people are getting jobs again. They've actually over time decided that they probably won't need those loan losses and have gradually been able to revise back up the value of the loans that they had already made and when they do that that creates this windfall for profit so retail banks also posted very strong profits this quarter although on the revenue side. Things were a little more mixed. The hasn't necessarily been that much. Loan grows in part for those same reasons that customers are so flush with cash. And so you say the mood then among bank bosses pretty blunt yes. I'm that felt quite new earlier. In the pandemic bank bosses quite guarded in the way that they described the earnings profits have been strong for a while. Now but thank. Ceo say things like all we expect our investment bank revenues to normalize. It has no way this frenetic trading. And you'll making activity continue and you'd hear retail bank bosses talk very cautiously about the health of the american consumer. They'd be very nervous about how strong their finances were. This quarter really did feel like a complete change in tone. You had to boss of city. Jane fraser david solomon at goldman sachs. Both saying that they had these really strong pipelines going into the next quarter for dealmaking and they felt they were driven by really sustainable factors. That would help keep revenues and profits and investment banks. Very high going forward and on the retail side. You have real roller of animal. Spirits from jamie diamond and brian moynihan. The boss of bank of america pointed out that you could really see the health of american consumers in that credit card behavior. So there's mammoth growth in credit card spending. It's up forty percent year on year and even up twenty two percent on the first half of two thousand nineteen which was when the world looks normal but called repayments remain unusually high to people on necessarily accruing those debts that paying down those balances even though they're spending so much so it is a bit of a mixed picture as you say and in part because of things being knocked so bad as we expected and in part because things look to be actually good in the future here. Do you think that future. Optimism is well-founded there are definitely some headwinds for banks ahead. For example one of the measures put in places support the economy was slashing interest rates to zero and banks tend to make more money when interest rates are higher because they collect interest on loans and so that is starting to weigh on revenues at the really big retail banks bank of america for example Interest income earned fell from close eleven billion dollars to closer to ten billion dollars. So that's one potential headwind american consumers all in such great shape that actually. They aren't borrowing that much. They didn't have need to run up their credit card balances so loan growth has been pretty sluggish at the big retail banks. And it's not abundantly clear when that will pick back up again if you look at that mergers and acquisitions business that investment banks think's going to be so strong. Joe biden has issued an executive order on competition did point to mergers and acquisitions activities potentially being one of the sources of a decline in competition that he wants to combat so it's possible that some of the firms that were planning to do a lot of merger acqusition type activity. They might be scared off by that. So they're awesome clouds on the horizon and finally one big question. Mark is about how the american economy will look. Once all of the stimulus packages begin to end so generous unemployment benefits moratoriums on fictions in foreclosures. These are all due on wind in coming months sort of at the end of the summer. And it's very likely to team finances. We'll start to look a little less solid once that happens so with all that in mind. The bankers at least are happy. What about everybody else. In general analyst on the earning calls investors that hold bank shares are a little more worried than bank. Bosses appear to be one of the reasons. Is that a big source of profit. This quarter was stays provision to loan values writing those backup now that they think customers will we healthier that obviously isn't source of prophets that can enjoy saw forever at some point there won't be any excess writedowns that happened in the past. They can adjust for by writing those loan values back up and that was possibly reflected in how share prices responded to earnings. Even though jp morgan goldman sachs for example both beats profit estimates quite substantially. There ever actually.
"bank" Discussed on Ride the Omnibus
"Because then we begin to mimic. Actually the functions of government should be doing. Yeah we can grow it enough that it becomes like a mini government than we can. Stop having you know gosh. Stop having a an impact way bigger scale so we're always looking at structures like whether it be a storytelling structure whether it be a social enterprise structure but that can deliver like result in some kind to a specific audience so like the bank job is about the result. Is that a show. You what happens inside you know. Under the bonnet of the economy in power is like a show you what the true dynamics of energy and energy distribution and and the relationship between energy and control in a way to talk about politics. And that's kind of cool too so so we kind of we've getting a method i. There's a method developing. Have you decided on what your film Is going to be in power in the bank draw. That was obviously. The italian job took to a low of solar punks right now. Okay and like the aesthetic of solar punk is still very much being fooled. And it's not you know it's something that moves people. There are some amazing writers tomorrow with some livestreams and we have one of the writers in solo punt movement in the livestream on our page on facebook. Hauer is called pilot film. I think facebook so we're really interested in that genre. I'm not hundred set. Show because like i really liked genre of solar punk but you know it's very much like a kind of losch vision of the world's You know it's not cyber punky. Which is doc can Edgy and distortion solo. Punk is quite utopian is full of the plants hanging across In cities it seems as if in a lot of soul upon this calls it seems as if the future was the terrible future which we will anticipate to arrive somehow was the rial. The knicks likes the softer future was given to us a not snow. One thing that. I'm not sure about about it right now. There's no television sets going out the window. You know in sola punk right now breaking anything setting off bombs you know everything. Everything's just been sort of miceli arrived at somehow. And i think that's what happened before this this wealth because it kind of just been lots of nice people having compensation soon so i guess i i guess there's something that we're trying to grapple with but we're also quite interested in decentralizing the way that we make this film the next film because whereas like bank job was a lot more like men. Hillary working shutout together. You know filming ourselves and then going to the community in the rest of it if you think about that like the The power of the authorship very much resided with me and hillary Not you know. It's very complex. When it comes to film making when you start talking about decentralizing the power structure of the way of film is made. Because they you know filmmaking you know As a form as ways being direct to let you know you want to have a a movie is directed you know you can almost think of nothing worse than the the film that has no central vision and yet at the same time. The essence of a green new deal is about twenty encourage participation. Will this is what i feel. It should be anyway know across all sectors of society Really keen to try. And you know bring in lots..
"bank" Discussed on SmartLess
"Right now singly. Now jason sing though your song. That was great and wonderful. Because if we don't talk about us on we have to pay for fame and what is wonderful thing. Stop singing start talking. What is what is the on. That song is from from hair. No that's from fame for. That's what i meant. Yeah hey how about you remake fame. I remember that. I write with our tomorrow. That was that alan parker. Oh that's a great segue. That is because i talk about fame on my podcast. My body my podcast exclusively on audible and because fame literally rocked my life when i saw fame in so many ways and not because of his about a group of people who like really wanted to pursue the Live in the at to work in the ads It was live forever. Who wanted to learn how to fly because of those things. Even though it was inspired no is because irene cara is topples a movie if you guys remember that part oh we do never knew that well they you know there was always the tv version. I got to watch. I got to watch it on. Hbo back in the day. When h was like a new old enough. I was in the theater and we say and we got like we. I'm my family can never afford. Hbo but we would get the free weekends. And i'm pretty sure. Hp that that It was on one of the free weekends. So i watched it. And irene. Cara is topless and i do an entire pockets up. I'm not. I'm not joking. Every episode is about fame. Yeah i was being about iron. Cara specifically i was being bullied back then was really skinny and i was very behind puberty. I still am coming along. This is the whole point. They never came along. The divorce tool has dropped never came along. And i was being bullied by this girl in erica and she heard the insult that she hurled a meeting after school. Which you out on the way home was you're gonna have cone boobs and i didn't know what that meant like like like Madonna's madonna truth or dare come out yet. That wasn't the thing i didn't know. A cone shaped boob was at the time. Because i just looked at sports illustrated swimsuit edition those rawal row. Nobody comes in sports illustrated and And then i saw irene cara and she she has very she had. I don't know. I haven't seen her body in a very long time. But in fame when she was topless she had some very adorable Small breasts that were little conical. And i kind of freaked out. I was like that's what the bully meats and And i was like that might. Okay got to me and at the time. Those were unacceptable boobs. Why i mean what why all our then makes no sense so dumb. It makes sense. Of course everybody's oranges every body beautiful. And so that the podcast really is about how like why these things seep into our brains and why we get this messaging that like you should look like the cover of sports illustrated rive never been able to fill out that bikini top on. Okay you guys at my very first big move. That you mentioned was what had american summer i show up. David wayne's like we weren't as bikini. I guess it on. And then the first agent i ever met in la not zion. Newark agent as i said when i went to l. a. and i interviewed this agent. I won't name him but he was like if you're not getting boob job. Oh lord is he still in the business. Yeah is he still in. The business was like well big gigs. Kinda up 'cause. I made this movie. What had american summer that. I'm sure tons and tons of people are gonna see by the way. No one saw that movie for like twenty years. Like everyone's gonna see this movie. And i'm already in a bikini tops alike now. I think it'd be weird if i like. Subtly like hop a d. cup after just showing off these little babies times is going to write a story a back leg. It's going to become a thing. And i can't have that happen. Meanwhile all i was thinking to myself was no. I'm not having surgery. And i don't know why we're talking about it. Fucking kidding fucking. it's not even just. Hollywood is just this environment we live in. I have like body dismore yet. Myself cones will remake. It don't remake. now it's perfect. Don't you think that like for people who hold onto things like that. Obviously that had an effect on you and somebody else said that to you and you held onto it for such a long time. Isn't it funny at some point at some age. I don't know what it is. We go close. I hold on like who gets shit about any of that cares. I like me. I like my body. Whatever i mean surely luckily you you hit fuck it like like fifteen years ago right. I hit fuck it. I'm still working. Fuck it. But i'm almost there by the way i remember one of the first places i went on the warner brothers lot. I was walked past. All of your porsches on will and grace like people didn't hate us already. yeah man. that's that's the life. I sold mine in nineteen sean sold his but it was like nineteen ninety nine just to so will and grace became a hit. The same thing happened to will and grace has happened to friends. Which was we became a hit when they had reruns over the second summer. So the network recognized this to award us reward us. They gave us like four porsches for the cast now. And you're like. Oh wow that's it's it's incredible and then you add up how much it costs for an ad in the usa today and it was too biased. For porsches was cheaper than an ad and we got more press from getting the cars. I i always said to our friend who ran into silverman when he ran. Nbc go back to giving dumb actors cars because it's way less than a fucking raise and they're gonna thank you forever and every time you negotiate. They're going to say like yeah but they must be nice to me. So i don't wanna push it. I must say though. It was very nice generous thing. But yeah sean. I remember when you got those. When you got those portions and as as actors. I was in the same position i was living in new york coming out to. La at work. When i could and whatever and they're like and then i got a pilot was on a show and you guys were on the air and did a show for. We got cancelled after two episode two airings. Call the mike o'malley show so we were at the up front with you. Guys like the the makes the best in in low. Yeah my first of all. Just a second for mike. O'malley when all time greats when all time.
"bank" Discussed on SmartLess
"Sean. Are you aware of of the damage. It that blue light can do to. Your is like these blue blocker about talking about the computer light like at night or something correct. Yeah bendon rob have blue light blue blockers on and I have glasses that my kids wear. Sometimes when they're on their screen bought it for our kids. To and and i just don't know or amanda did and our case don't see we don't have kids together. I keep trying to tell you that. Keep denying we don't wait a minute. Is it really true. Because i like. I had a doctor friend of mine. Say that like don't look at the laptop when you're in bed or the phone because keep you up or it doesn't make me sleep. We'll see but rob just told me that it drains you So does he does during myer. Does it keep you up. Does it destroy your is looking to screen like at least thirty minutes before you go to bed it. It affects your sleep because it has to do with Brain activity although you guys should be. You're not seeing yourself up for an online. We're not going to see a lot of brain activity if we haven't seen any yet all of a sudden surge or maybe too much blue light. When i was a kid could be. Maybe that's the problem something. What time you guys go to bed. I need better sleep hygiene. I need to start going to bed at same is disgusting but what what does that mean what you sleep dirty. What do you know sleep hygiene is just making sure you sleep better like a better yourself routine is called sleep hygiene. What do you guys sleep in. You guys sleep in chinese pajamas. And one of those kind of like cohn pajama hats. A little tassotti with the fetus. Candle i carry my candle. The dead with a hand in front of it so the wind does tv. He looks like a tv husband from the nineties. In in like in like pajama bottoms. In a in a nondescript t-shirt sure right yeah kids. Let's shut those lights out or half hour pasture bedtime. No you're supposed to by the way. This is what i read between ten pm and two. Am is when the best sleep is supposed to happen. I don't know how your body knows the our time. But that's what i heard. It sounds like a weird website. Well you know. According to folger's the best part of waking up. Yeah the best. Hey no for real though. What time do you want to get your guest. We have an incredible guest. Who's being very patient. But what do you stay jason. What time do you go to bed. I go to bed at a probably no later than ten thirty then then. That's that's where it's really gotten away from me sean. Okay so wait. Listen just because you said that. When i did the kenny rogers christmas tour and he sang He was able to make this along and can't he used to sing christmas in america. America the this time of year right. We'd be backstage. And he would go christmas in america and we would go is full. Jews in your he was he was right though. Kenny was right. Hair comes islands in the stream. That is what we are. You know who wrote that song dolly parton nope the bg jennifer warren. The bg's yeah glad we've got some extra openers. I realized that i would describe. Our guest is an island in the stream is person is a is a true eddie brooke shields of chita rivera. No no not guessing not just the cast of the blue lagoon man. So i guess is a multi hyphen it or just a multi-talented person who i. I became aware of in film from the early two thousands. That was very popular at the time. There's directed by a guy called david. Wayne it was a movie co went out american summer. She then went on to play in a million movies Some of the biggest hits but then became an incredible director. I got to know her during the lego movies Really got to know her and then she went on started directing his she. She directed is now the biggest gross opening ever for first time director with pitch perfect to this person. Not a lot of people know this but you are the wife of david cross. We just learned on our episode with david. I was just listening to david cross. I've said he said that his wife who i think sean you said that. That's that's true. Actually david cross are husband and wife. How eagle is not a legal thing. Now look at the lizard. Haven't seen for a long time. I'm sorry i'm such a disappointment. After you're hoping brooke shields just listen can have love for everybody. We have loved happy. You're here you're one of those people. I always feel like when i see you. You make me smile. I'm always happy to see. Yeah it's you're also one of those rare fines in hollywood a girl who's absolutely unbelievably hilarious and unbelievably gorgeous at the agreed love agreement. You're calling me a girl. Sean is the greatest compliment that you could be an listener. This is the first time. I think anybody's ever worn something halfway decent to do. She's got a very nice blouse on share contra hair. It's not for you guys. I'm going to be totally honest. I had another thing before this. I wish i was in my pyjamas. Like the footed the jam. What was the thing. Can you say. I was doing a panel. That stacey snider is another big wig business four. We both went to the same university and we did a panel for an election alumni thing for penn. Unc university of pennsylvania aren't school. I went to penn yes. I went to pan in philadelphia and so two stacey snider so did a lot of bunch of hollywood types and steve graduated with honors. Did you not i. Who's done some research. Will the wikipedia page. come on. tell us well on the wicky wicky. i don't make maybe there's some latin words that are incredible on my degree. Yes they was. Your was your degree in in theater. Or in communications in also theater but Yeah the school. They're not a big theater arts program at penn. Come ask you question here. Because i did not go to come as a surprise to a lot of people but i don't here it is this. Is this a good dumb question from a good dumb guy. How hard is college. And i mean. What an episode. Thanks for joining us. I do. I do mean it now. From what i understand i this is not a bit okay first of all. I didn't even graduate high school. I dropped out of college. It should be noted but my understanding that there are two years of general. Ed where right which is sort of the college level history college level english college level math. That's for two years. Which sounds like a nightmare. Okay and then. The last two years is my understanding. Is that you get to study your minor and your major so you know i want to become a roofer or i wanna become you know whatever the hell it is you. I'm just saying you can kick whatever occupation you want and study your yards off about it. And there's there's no there's so that sounds fun but those first two years sound really difficult. Is that the way it goes now. Really i mean why question i know but let me say this harder. I'm kind of with. I'm kind of with jason. Because you know this long kind of idea about is college her necessary. You really does any additional.
"bank" Discussed on The Brookings Cafeteria
"We're still seeing every couple of years a pretty substantial scandal that involves a larger national bank having facilitated and illicit transactions so back in two thousand nine we had hsbc who got in trouble for hiding the fact that some of his transactions were coming out of iran which was currently on the subject to us sanctions. A few years ago we had deutsche bank one of its thanks. In estonia i think facilitated roughly two hundred billion dollars worth of dirty transactions. We have the panama papers scandal that we all know about the fence and follows leaks last year and so by that metric. Things are not improving. Governments are still struggling to protect their economies from dirty money and banks are still struggling to keep their systems clear and one more question to kind of set the scene before we go into your research in the bank in question you mentioned that two to five percent. An estimate of global gdp might be affected by this phenomenon. Do those numbers reflect. What's happening in the us with us. Individuals with us companies. Is there an estimate of how much united states based money is actually being off shored there are estimates their heart of the struggle is estimates on line a few years after the fact so the best estimate we have globally is about ten percent of gdp sits offshore tax havens. Any given point in time in the estimate for the united states is probably around seventy eight percent of gdp. Now it's a little hard to know that plies today because there's been quite a large games in the policy environment since that number was created. But i think a lot of people think that number is likely to be an underestimate anyway. So we're talking about a sizable amount of wealth sitting offshore by secure research which has just published and is available on the brookings website. A link to it in the show notes this episode. You spent a year looking at leak data from a bank in the isle of man. So can you describe the nature of this data where it came from and also on the way. Can you tell us what is the isle of man. So i mean i'll man is kind of a weird ducats what you call british crown dependency of which there are three men guernsey jersey who all often thought of as being taxations havens being a british dependency it sets its own laws but the united kingdom is ultimately responsible for it so if for some reason the spanish are modest should up yesterday to invade. The government would have to respond so it's a small island that steps in the irish sea in steps its own tax policy and kind of unsurprisingly thereabouts. One company for every three people on island which gives you a sense that there are a lot of companies in the jurisdiction. They're just they're just to hold assets their shell. Companies are actually engaging in any sort of economic activity there are about twelve banks in the isle of man some of them big international banks but one particular bank which is called the cayman national bank confusingly called the a national bank. I love man. Branch that sits nile of man. It's a small what you might call boutique. Bank that serves mainly small businesses or medium sized businesses and individuals. It's not the kind of bank that google or apple park. It's prophets in about four years ago. In two thousand sixteen someone hacked into their accounts. A hacktivists collective potentially a person called finance fisher. Who is renowned for hacking into political parties to hacking into firms that provide surveillance software authoritarian states fisher hacked into the bank and purportedly stole seventy thousand dollars by exploiting their payment messaging system and then disappeared for a while then returned again in twenty nineteen. When fisher returned they copied several dozen hard drives worth information from the bank and turned that information over in full to a group called distributed. Denial of secrets which is a wikileaks style. Transparency collective when these groups that posts. Big data dumps online with very little to no censorship. So that information was put online in december of twenty nineteen. It's dole nine today if you have hard. Drives faith downloaded and downloaded shortly. Thereafter began going through the counts and in those accounts is an unprecedented level of detail. It's the full accounts for the banks. Client base over eleven year period. You can see down to given second day. How much money sitting in each account. You can see personal information on the clients down to their addresses. Their passports importantly you can also see not just for individual clients if you are. I opened up a bank account. Information would be there but it for clients that opened up bank accounts using shell companies these fictitious companies with no real economic presents for large proportion than that it also contain the ultimate owner of those companies so if it was a shell company based nyla man you can see that owner was actually living in the united states the united kingdom and there's a lot more than italy is also kind of correspondence between people who work at the bank. That helped give some context. The numbers i was going through. So yeah i spent a year going through it and bothering all my friends by talking about it all the time until i got the first report out. So what kind of things did you talk about with your friends as you were going with this report or more broadly speaking. What kinds of things did you find. What are your conclusions from this year spent with this enormous data set so with my friends i brought up more salacious stuff and this is not one of the main points of the paper. But it's worth pointing out the sheer diversity of the types of people that use an offshore account is pretty amazing. There are people in the data who are billionaires on the lam. from the kremlin. There are people who held government positions in post-soviet countries. There's a family member of former white house chief of staff there are people who will knighthoods in the uk. There are celebrities soccer players golfers so just the sheer variety of people that end up in the same place almost a little bit like the canteen in the beginning of star wars a huge diverse group of people who are all there from different backgrounds. We were all there because they want to enjoy a little bit of the advantage you get from being based in taxation as a high of scum and villainy that is true. That's perhaps a little bit strong in that there are. Maybe we should get to this moment. There are legitimate reasons to have an offshore account and so having an account isn't necessarily a smoking gun but i would argue. There's fewer legitimate reasons. And there are illegitimate reasons to have one. So the three main findings report on the brookings piece are. The first is not going to be terribly surprising. Anyone the first is that these clients are largely people from richer countries and once you look within the countries they come from. They're very likely to be the richest part of society. If you compare them out of wealth that they controlled to the average level of incomes in the country in which they reside they have several orders. Multiple times your average level of gdp. So these are going to be fairly rich people. And that's true even if you look within which part of the country. They're living in their tend to live in richard parts of the country they come from. That's not surprising. But it builds on a lot of workers showing that it is the richest part of society that it is best able to hide their wealth offshore. There was a recent study produced by the irs. In collaboration with some academics found that the irs who had standard auditing program often missed out on people's offshore accounts so this is another red flag indicating that the rich are always going to be with us..
"bank" Discussed on The Score: Bank Robber Diaries
"Hey everybody it's been. And i wanna tell you about a new show that i think you're really gonna love. It's from a company called campsite media. It's a show called chameleon and the new second season is coming out right now. It's called high. Rollers and high rollers tells. The story of operation talks which is an fbi undercover investigation. That was designed to catch money. Launderers in las vegas shows hosted by an investigative journalist named trevor aaronson triggers a great guy. A really dogged reporter. I know him myself and his new podcast is gonna be great. The show uses fbi undercover recordings and it takes listeners on a journey inside the two year sting operation that goes totally off the rails and both funny and tragic ways. Like i said it's set in las vegas and nothing comes short to this mind-blowing heist that involves all the classic vegas highs and lows there high rollers who get involved in a money laundering scheme. There's an informant who runs his own scams on the side. There's kind of a love triangle. It's kind like what you see in. All those movies about las vegas except this actually happened is a real investigative thriller and it challenges you to really consider and question the enormous unchecked powers of the fbi and other federal agents and their decisions to investigate. Unsuspecting americans gonna play your short clip. Here it is. You're gonna love it. Stick with me here because i'm going to tell you a long story. It's quite a soap opera meals. New girlfriend named kim mil go came as a tall blonde. The sunny disposition like hailey bieber. I'm sure you're not surprised to hear that. A guy who owns weight loss clinics wants a pretty girlfriend but kim's not just pretty she's writ. She's entered bodybuilding contests. Their pictures for oiled muscles barely constrained by her skimpy bikini. A meal and kim met at the gym. Because of course. When i look at each other all the time At lifetime fitness and in one day jenner. She just comes up to me and says happy new year. And i said same as you and then i said listen. I think you've smashing. He said. I think you're hot. Good looking or whatever and then we trade phone numbers and then a couple of days later. She text me. Do you wanna go out with me. And we did go out and we had a couple of drinks and dinner. Maybe or something. Like that. And then i told her the next morning Listen i married and this is a. It's a problem. She's you know she's very possessive. And but i am going to get a divorce. So meal admits as if it's no big deal that he told kim he was married only after they spent time together to a meal. It's like whatever. What's the big deal. If i only told her the next morning and a meal and kim had at times a volatile relationship in on and off kind of thing. Here's a meal. What happened was kim. And i would have a fight. You go out on a couple of dates with mr smith and mr jones mr so and so forth and during one of their off periods. Kim struck up a flirtatious relationship with the local lawyer in a city of lawyers. Some walk ahead of the pack. This is a commercial for las vegas lawyer. Paul pata inside a courtroom standing up to address the judge and then cuisine cut. He's outside surrounded by reporters asking him questions. A former federal prosecutor called paddock. Will fight for you when you're only got one call you better call. Paul paul's a really interesting looking guy. He gelled his black hair into a large cement hard wave that falls over the top of his head. He does personal injury law car accidents slip and fall cases that kind of thing and he's proud of it here. He is local tv federal prosecutor now to personal injury. So why make the switch there. I was fighting on behalf of crime victims. When i was a prosecutor who i thought if i went into the private sector started my own practice that i could help a larger segment of the population and so part of what i do now. Is this basically putting my skills to work as a former prosecutor going into court trying cases and helping people achieve compensation injustice. If they've been injured according to kim. She met paul through group of friends. Awhile back here. She is can range us to meet and we met at t bones. T-boned to the steakhouse in the red rock casino has a lounge with million dollar interiors and really good mixed drinks. There's a fire pit on the outdoor patio. It's very las vegas and then we. You know corresponded. You know we. We were texting and talking and made arrangements to meet up a bunch more times it was always with routes. It was always like hey you you know. We're all going to happy hour here. Are you gonna go Stuff like that. And then one time i went out. He asked to go to lunch with him Meet them for lunch prostrate from his work at the palm And we did that So we didn't do anything and you know the the one time when we were out we left together to go either. Feta cats routine with me. You know left to go feed the cat and then we went back to the bar you know so was dating. You know we're we frigging over at each other's houses and stuff like that. No where we communicating disney correspond. Yes you know. It was moving in that direction of being. I think he wanted to to. And i think the cat doesn't sound romantic. And that's apparently really what they did. They went to that and then they came back. So we're not talking a hot and heavy. Can't keep the hands off romance here but there was something going on something. I'm kind of famous. But i think of dating paul emmy interest to paul was a shock to a lot of people. What kim means as paul wasn't her usual type. I've always really just been with the meal. And you know. I knew all being skies and been approached quite often. You know by various people to go out and do things that i think. When when paul kind of showed up i showed interest and i think they lose to the ego. He thought he was really cool. And you know. And i'm sure he was like i think it is. You know shit didn't stink so to speak and then you know when it ended pretty quick when i was like back with a meal you know i.